Widening the Lens: Mapping the Evolving Landscape of Financial Inclusion Funders

Financial inclusion objectives have historically been supported by a pool of "legacy" international funders, comprised largely of public funders (donors and investors), philanthropy, and impact investors. This research maps a broader, more commercial, less impact-oriented, and more decentralized universe of capital providers in a position to drive financial inclusion outcomes in an age of declining official development assistance. 

CGAP identified 2,015 "new" funders of financial inclusion beyond the legacy pool. Ninety percent of them are private, led by venture capital firms, commercial banks, and asset managers, most of whom operate without explicit impact mandates. At the same time, funding is localizing—over half of the new funders are headquartered in emerging markets—representing a substantial potential shift in the development capital architecture. These shifts create opportunities to scale solutions and drive development outcomes in new ways, but also pose heightened risks of fragmentation and leaving behind the people and outcome areas that do not generate commercial returns. 

Continuing to monitor and expand the new funder data and knowledge base is critical for legacy impact-oriented actors to coordinate resources, identify gaps, and engage effectively in a changing landscape to achieve the greatest development impact.